Common Phrases Found at Motor Auctions

A method of selling property in a public forum through open and competitive bidding. At G3 we hold up to 4 auctions a week. We offer both online and physical auctions.

Estimating the value and provides details of the vehicle condition ahead of an auction.

This is a vehicle that has been processed through our rigorous 30-point vehicle check and comes with a G3 Assured promise – read more here

This is an individual number issued to each bidder who registers at one of our auctions – it enables the auctioneers to log who bids and purchases the vehicles.

The term ‘bidding platform’ is the software used for purchasing vehicles through our auction.  It is used simultaneously online and in the hall.

The vehicle must be offered through 1 or more sales prior to a customers being able to Buy It Now.

A service charge added to the hammer price of the vehicle, to total the final price of your vehicle. This will be indicated on your catalogues and varies according to to the hammer value.

BVRLA stands for British Vehicle Rental and Leasing Association. It is the UK trade body for companies engaged in fleet, rental and lease management.  G3 work with many of the UK’s major BVRLA members.

HPI is a Historical Vehicle Check that also provides information about any outstanding payments on the vehicle.

The CAP Clean value indicates the top value of the vehicle if it is ready to retail, has a current MOT, full service history, all documents and spare keys. CAP offers a guide price.

The CAP average value means the vehicle is in reasonable condition given age and mileage but is not in its best condition. CAP offers a guide price.

These are produced for every G3 auction showing each vehicle available at the sale and includes important information for buyers such as the lot number, registration, MOT and more.

This is an amount of money that private or non account holders must deposit to G3 before bidding on a vehicle.

DVLA stands for Driver and Vehicle Licencing Agency. It is an exectutive agency of the Department of Transport and part of the Motoring Services Group.  The DVLA are the authority responsible for the registrations of all the vehicles we offer.

This is an auction that occurs online rather than a physical sale at our site. At G3 you can bid online at any of our auctions, but we can hold dedicated online-only E-Auctions too.

This stands for the Financial Conduct Authority, whom strictly regulate G3 for our asset management and allow us to work on behalf of our finance house vendors.  G3 Remarketing Limited is fully authorised and regulated by the Financial Conduct Authority Reference Number: 704309

Fleet vehicles are a group of vehicles that are leased or owned by a business or another organisation rather than an individual.

Another name for the auctioneers hammer used to close the bidding on each vehicle. The action of hitting the gavel is the confirmation of a legally binding purchase agreement for the highest bidder in the hall or online during a sale.  Read the auction terms for the implications of winning a bid.

This is a Light Commercial Vehicle such as a van with a gross vehicle weight of no more than 3.5 tonnes.

The number allocated to the vehicle (and marked on the vehicle) going through auction, listed in the catalogue.

MOT, is a standard test carried out annually on a vehicle. However, even though the vehicle has an MOT certificate it does not mean that the vehicle is roadworthy at the time of purchase as it may have developed issues since the test was carried out.

These are vehicles that will not start.  We offer a number of non-runners, which are sold as seen.

NAMA stands for the National Association of Motor Auctions, who are a body that regulates UK auctions. All of G3’s vehicle gradings are carried out to NAMA approved and defined standards from which our inspectors are tested regularly to achieve their standards.

These are bidders that are not in the auction hall at the time of the auction, but instead place their bids online.  Online bids are fed into our Bidding Platform alongside bids in the hall for all of our physical auctions.

These buyers tend to be members of the general public who are not from the motor trade.  Private bidders are restricted from bidding on some vehicles in our sales due to vendor requirements.

Provisional means that the vendor has stated a reserve price and that, provisionally, your bid will be submitted by the auctioneer but is still to be confirmed by the vendor.

Proxy Bids are bids that are placed before the vehicle is offered at Auction. This is the maximum bid you are willing to put on a vehicle. Proxy Bids will be managed by the system and are usually placed by buyers who are unable to bid at the time of the auction.

This is the term used to describe the entire process for the re-sale of used vehicles. This refers to the wholesale not retail process.

The reserve price is the minimun set by the seller for the sale of their vehicle. This price is kept confidential and if, when the vehicle has been auctioned, the reserve price isn’t met, the auctioneer may look to sell the vehicle provisionally.

This is the podium where G3’s auctioneers will stand to conduct the sale.

A vehicles service history is the collection of paperwork or digital records that shows a potential buyer a log of work performed, usually in line with the manufacturers recommendations.

These vehicles are offered for sale with no guarantee or promise about the mechanical condition or its quality. Please refer to our Terms and Conditions.

A stocking plan is a financial agreement with a third-party to arrange the payment of one or many vehicles purchased at a sale. We partner with a number of funding companies – read more here

The V5C is a paper document that shows who the registered keeper of a vehicle is and can be used to inform the DVLA of a change of ownership, update your name and address or tell them a vehicle has been modified, scrapped or written-off.

The VAT status of a vehicle determines if VAT (Value Added Tax) is to be paid on top of the vehicle hammer price or not.  It usually depends if the vehicle has been registered for personal or trade use. This could include VAT Marginal, where VAT is not required to be paid, and VAT Qualifying, when the buyer is expected to pay VAT on the vehicle, status.

VCAR stands for Vehicle Condition and Alert Register. If a vehicle has had extensive repairs which are registered on a vehicle database, or has been Subject to a Total Loss (insurance Write Off) this will be highlighted as VCAR.

These are the companies who own the vehicles we offer at G3 auctions; for example a finance house or fleet provider.

Where the seller confirms (or not) the mileage of the vehicle they are selling is correct.

VRM stands for Vehicle Registration Mark (or number) which is the registered alphanumeric ID on the number plate of the car.